Astrazeneca Plc · LSE:AZN
Astrazeneca — Debt Investor Presentation (February 2026)
40 slides from Astrazeneca's debt investor presentation, Feb 10, 2026
Slide 1: FY and Q4 2025 Results
FY and Q4 2025 Results Fixed-income investor update 10 February 2026
Slide 2: Cautionary statements regarding forward-looking statements
Cautionary statements regarding forward-looking statements In order, among other things, to utilise the 'safe harbour' provisions of the US Private Securities Litigation Reform Act of 1995, AstraZeneca (hereafter 'the Group') provides the following cautionary statement: This document contains certai
Slide 3: Disclaimer
Disclaimer This presentation is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which an offer, solicitation, or sale is unlawful. Non-GAAP measures This presentation contains financial meas
Slide 4: Key messages
Key messages FY 2025: strong commercial performance Delivered on financial guidance Pipeline: unprecedented delivery in FY 2025 16 positive Phase III trial readouts in 2025 Advancing towards $80bn 2030 Total Revenue ambition – and beyond Significant pipeline progress increases confidence: 20+ Phase
Slide 5: Business Update
Business Update 5
Slide 6: Strong commercial performance and excellent pipeline delivery in FY 2025
Strong commercial performance and excellent pipeline delivery in FY 2025 Delivered on FY 2025 $58.7bn Total Revenue 8% financial guidance $9.16 Core EPS 11% Strong demand for our medicines $58.6bn Product Revenue 10% 16 positive Phase III trial Multiple blockbuster opportunities and readouts in 2025
Slide 7: Growth powered by diverse global presence and sources of business
Growth powered by diverse global presence and sources of business FY 2025 | % Product Revenue by therapy area +17% +6% V&I: 1,268 -3% R&I: Oncology CVRM R&I V&I Other Rare Disease Strength across 8,866 +12% 44% 22% 15% 2% 2% 16% therapy areas +5% FY 2025 | Product Revenue ($m)1 CVRM: +2% 25,618 12,7
Slide 8: Deep and expanding pipeline targeting indications of increasing value
Deep and expanding pipeline targeting indications of increasing value Growing number of late-stage assets1 with increasing value per indication2 PYR ($m) 40 1,400 Phase III trials 100+ 35 1,200 ongoing 30 1,000 25 800 20 37 37 15 30 33 600 27 Phase III trial readouts 20+ 400 10 anticipated in 2026 5
Slide 9: Strategically investing to deliver growth beyond 2030
Strategically investing to deliver growth beyond 2030 Significant progress across our transformative technologies in FY 2025 NEXT WAVE OF INNOVATION Weight management • laroprovstat Phase III data 2027 • Ongoing trials targeting GLP-1-GCG & amylin and CV risk factors • elecoglipron Phase III initiat
Slide 10: Oncology – FY and Q4 2025
Oncology – FY and Q4 2025 Total Revenue +14% in 2025 driven by continued strong global demand across medicines Oncology Q4 2025: key dynamics FY 2025 $25.6bn, +14% 7,500 7,000 • Tagrisso +10%, robust demand across indications, leadership in 1L combo market 6,500 6,000 5,500 • Imfinzi +37%, Imjudo +2
Slide 11: Oncology – key revenue drivers in 2026
Oncology – key revenue drivers in 2026 Strong growth momentum continues for multi-blockbuster medicines 2026 DYNAMICS STRATEGIC EXPANSION 2027+ Strengthen leadership in GI, GU, lung • Broad-based growth across tumour types EMERALD-3 | VOLGA | • MATTERHORN gastric and POTOMAC bladder launches PACIFIC
Slide 12: Oncology – select key Phase III readouts in 2026
Oncology – select key Phase III readouts in 2026 Harnessing the breadth of the AstraZeneca portfolio across key tumour areas camizestrant Redefining treatment Pioneering in 1L NSCLC Moving earlier in HCC for 1L HR+ aBC AVANZAR EMERALD-3 + Imfinzi | + QCS technology H2 2026 + Imjudo H1 2026 SERENA-4
Slide 13: BioPharmaceuticals – FY and Q4 2025
BioPharmaceuticals – FY and Q4 2025 Total Revenue +5% to $23bn in 2025 driven by strong momentum in key medicines R&I CVRM Q4 2025: key dynamics FY 2025 $8.9bn, +12% FY 2025 $12.9bn, +2% 2,500 3,500 • Fasenra +10%, sustained IL-5 leadership in asthma, EGPA launch 3,000 2,000 • Breztri +13%, fastest
Slide 14: BioPharmaceuticals – key revenue drivers in 2026
BioPharmaceuticals – key revenue drivers in 2026 Momentum continues for established brands 2026 DYNAMICS STRATEGIC EXPANSION 2027+ • Continued severe asthma leadership of IL-5 class Increased biologics use, • Recent EGPA launch and China approval Emerging Markets growth • NBRx leader in severe asthm
Slide 15: BioPharmaceuticals – select key readouts in 2026
BioPharmaceuticals – select key readouts in 2026 Significant opportunities across CVRM and R&I, progressing elecoglipron into Phase III trials tozorakimab weight management Largest trial run in ATTR-CM Opportunity to redefine Multiple mechanisms to readout management of COPD Phase II data in 2026 VI
Slide 16: Rare Disease – FY and Q4 2025
Rare Disease – FY and Q4 2025 Total Revenue +4% in 2025 driven by patient demand across the portfolio Rare Disease Q4 2025: key dynamics Meaningful progress with Rare FY 2025 $9.1bn, +4% Disease since Alexion acquisition 3,000 C5 Franchise • Ultomiris +15%, demand growth across 2,500 indications, in
Slide 17: Rare Disease – key revenue drivers
Rare Disease – key revenue drivers 2026 DYNAMICS STRATEGIC EXPANSION 2027+ • Continuing growth in neurology indications driven by new Indication expansion to unlock to brand patients and switching from Soliris new growth opportunities • Expanding reach through new market launches TMA-313 | ICANS | A
Slide 18: Rare Disease – Research and Development
Rare Disease – Research and Development Leading portfolio in antibody-based depletion for cardiac and systemic amyloidosis anselamimab NI009 cliramitug First depleter to show benefit in Expanded collaboration with Ongoing Phase III trial kappa light-chain patients lambda light chain targeting mAb in
Slide 19: Continuing our pipeline momentum with key Phase III readouts planned for 2026 and 2027
Continuing our pipeline momentum with key Phase III readouts planned for 2026 and 2027 H1 2026 H2 2026 2027 EMERALD-3 | Imfinzi + Imjudo AVANZAR | Datroway + Imfinzi TROPION-Breast03| Datroway + DAISY | Saphnelo locoregional HCC 1L NSQ/NSQ TROP2+ NSCLC Imfinzi post-neoadj. TNBC systemic sclerosis VO
Slide 20: Rare Disease – Research and Development
Rare Disease – Research and Development Leading portfolio in antibody-based depletion for cardiac and systemic amyloidosis anselamimab NI009 cliramitug First depleter to show benefit in Expanded collaboration with Ongoing Phase III trial kappa light-chain patients lambda light chain targeting mAb in
Slide 21: Increasing confidence in Ambition 2030 and continued growth beyond
Increasing confidence in Ambition 2030 and continued growth beyond Continued commercial Advancing towards $80bn Investment in growth momentum in 2026 2030 Total Revenue ambition1 beyond 2030 Strong global demand Significant pipeline progress Strategic focus to fuel across medicines increases confide
Slide 22: Financial Update
Financial Update 22
Slide 23: FY and Q4 2025 – Reported profit and loss
FY and Q4 2025 – Reported profit and loss FY 2025 CER change % Total Q4 2025 CER change % Total $m % Revenue $m % Revenue - Product Sales 55,573 9 95 14,538 7 94 - Alliance Revenue 3,067 38 5 959 33 6 Product Revenue 58,640 10 100 15,497 8 100 - Collaboration Revenue 99 (89) - 6 (99) - Total Revenue
Slide 24: FY and Q4 2025 – Core profit and loss
FY and Q4 2025 – Core profit and loss FY 2025 CER change % Total Q4 2025 CER change % Total $m % Revenue $m % Revenue - Product Sales 55,573 9 95 14,538 7 94 - Alliance Revenue 3,067 38 5 959 33 6 Product Revenue 58,640 10 100 15,497 8 100 - Collaboration Revenue 99 (89) - 6 (99) - Total Revenue 58,
Slide 25: FY 2026 Guidance
FY 2026 Guidance Capital allocation priorities remain unchanged Net debt/EBITDA 1.2x FY 2026 Guidance (CER) $bn Total Anticipated to increase by a mid-to-high single-digit 5.0 1.0 Revenue percentage 14.6 4.2 24.6 3.3 23.4 Anticipated to increase by a Core EPS low double-digit percentage Net debt CFO
Slide 26: Investing to support our growth ambitions
Investing to support our growth ambitions Strategic investment to support launches and continued pipeline growth R&D broadly stable and SG&A declining Investing behind 3 NME launches in 20261 as a percentage of Total Revenue 70.0 40% baxdrostat hard-to-control hypertension 60.0 35% 50.0 camizestrant
Slide 27: Net debt position
Net debt position 31-Dec-25 31-Dec-24 $m $m Gross borrowings (29,622) (30,295) Cash & cash equivalents 5,711 5,488 Other investments 30 166 Net derivative financial instruments 507 71 Closing net debt 1 (23,374) (24,570) 1. Net debt is a non-GAAP measure. The equivalent GAAP measure to Net debt is ‘
Slide 28: Liquidity, debt and rating summary
Liquidity, debt and rating summary • Strong liquidity at 31 December 2025: • Group cash and investments of $5.7bn • Undrawn $4.9bn committed bank facilities available until April 2031 • Access to diverse sources of funding through US and European term debt and commercial paper programmes Rating (Moo
Slide 29: Smooth debt maturity profile with seven-year average life
Smooth debt maturity profile with seven-year average life Debt Maturity Profile at 31 December 2025 1 4,000 3,500 3,000 2,500 $m 2,000 1,500 1,000 500 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2037 2042 2045 2048 2050 2051 USD Overdrafts, finance leases & bank collateral EUR GBP 29 1. Notional
Slide 30: Appendix
Appendix
Slide 31: Non-risk adjusted peak-year revenue guidance
AP P E ND I X | PYR Revenue Guidance Non-risk adjusted peak-year revenue guidance Approved medicines Phase III pipeline Earlier pipeline camizestrant (next generation oral SERD) AZD0120 (BCMA/CD19 CAR-T) rilvegostomig (PD-1/TIGIT bispecific mAb) AZN ADCs saruparib (PARP1 inhibitor) weight management
Slide 32: AstraZeneca P&L reference table
AP P E ND I X | P&L definitions AstraZeneca P&L reference table P&L line-item definitions P&L line-item definition Product Sales • Recognises sales from territories where Group has lead commercialisation • Recognises supply of Beyfortus to Sanofi Alliance Revenue • Alliance Revenue comprises income
Slide 33: AstraZeneca in non-small cell lung cancer
AP P E ND I X | Oncology tumour maps AstraZeneca in non-small cell lung cancer Resectable Unresectable Metastatic Stg. I Stg. II-III Stg. I-II Stg. III 1L 2L 3L+ Est. epi (G7, 2025) ~150K ~70K ~50K ~100K ~310K ~190K ~70K CRT → Imfinzi Imfinzi + Imjudo + CTx POSEIDON PACIFIC Datroway + IO ± platinum
Slide 34: AstraZeneca in breast cancer
AP P E ND I X | Oncology tumour maps AstraZeneca in breast cancer Early Metastatic Neoadjuvant Adjuvant 1st line 2nd line 3rd line 4th line + Est. epi (G7, 2025) 540k 135k 100k 75k 60k HER2-positive Enhertu → THP NST→ residual disease → Enhertu Enhertu ± pertuzumab Enhertu Enhertu 15-20% DESTINY-Bre
Slide 35: AstraZeneca in gastric cancer
AP P E ND I X | Oncology tumour maps AstraZeneca in gastric cancer Early Advanced/Metastatic Stage II/III 1st line 2nd line 3rd line Est. epi (G7, 2025) 50k 90k 60k 30k Enhertu + rilvegostomig + FP HER2-positive ARTEMIDE-Gastric01 Enhertu Enhertu 20% DESTINY-Gastric02, 04 DESTINY-Gastric01 Enhertu +
Slide 36: Q4 2025 Reconciliation of Reported to Core Financial Measures
AP P E ND I X | Reported to Core reconciliation Q4 2025 Reconciliation of Reported to Core Financial Measures Intangible Asset Reported Restructuring Amortisation & Other1 Core2 Impairments $m $m $m $m $m Gross Profit 12,385 (77) 8 18 12,334 Distribution Expense (153) - - - (153) R&D Expense (3,862)
Slide 37: FY 2025 Reconciliation of Reported to Core Financial Measures
AP P E ND I X | Reported to Core reconciliation FY 2025 Reconciliation of Reported to Core Financial Measures Intangible Asset Reported Restructuring Amortisation & Other1 Core2 Impairments $m $m $m $m $m Gross Profit 48,106 (138) 32 30 48,030 Distribution Expense (579) - - - (579) R&D Expense (14,2
Slide 38: Prudent treasury risk-management policies
AP P E ND I X | Treasury Policy Prudent treasury risk-management policies The Company operates with a centralised Treasury structure so that key Treasury risks are managed at a Group level. Liquidity Policy • Prudent level of available cash and unutilised credit facilities • Group funding centrally
Slide 39: Glossary
AP P E ND I X | Glossary Glossary 1L, 2L, 3L first-, second-, third-line EPS earnings per share NMR+ normalised membrane ratio positive aBC advanced breast cancer ERoW Established Rest of World NSCLC non-small cell lung cancer ADC antibody-drug conjugate ESR1m estrogen receptor alpha-mutated NSQ non
Slide 40: Confidentiality Notice
Confidentiality Notice This file is private and may contain confidential and proprietary information. If you have received this file in error, please notify us and remove it from your system and note that you must not copy, distribute or take any action in reliance on it. Any unauthorized use or dis
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